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united wire factories co. announces the interim financial results for the period ending on 30-09-2017 (nine months)

19/10/2017
09:05:54


ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) 7,225 14,336 -49.6 493 1,365.52
Gross profit (loss) 18,952 24,115 -21.41 12,191 55.46
Operational profit (loss) 10,896 15,534 -29.86 2,780 291.94
All figures are in (Thousands) Saudi Arabia, Riyals
ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
Net profit (loss) 15,427 70,240 -78.04
Gross profit (loss) 49,906 113,084 -55.87
Operational profit (loss) 23,857 79,472 -69.98
Earning or loss per share, Riyals 0.35 1.6 -
All figures are in (Thousands) Saudi Arabia, Riyals
ELEMENT EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year Net Profit (income) ; comperhansive imcome ; gross income and operating income decreased during the Third quarter 2017 compared to the same quarter of the last year due to the slow down of the construction sector ; lack of demand; competition which led to decreased gross margins and because of the increase of cost of goods sold and in Zakat expense.
Reasons of increase (decrease) for period compared with same period last year Net profit( income ) ; comperhansive imcome ; gross income and operating income decreased during the current period of 2017 compared to the same period of the last year due to the slow down of the construction sector ; lack of demand; competition and decreased prices which led to the decrease in sales and gross margins
Reasons of increase (decrease) for quarter compared with previous quarter Net profit (income) ; comperhansive imcome ; gross income and operating income increased during the current quarter compared to the previous quarter due to the decrease in cost of goods and increase in gross margins , and the decrease of selling and administrative expenses
Reclassifications in quarterly financial results Comparative figures for year 2016 are reclassified based on the financial statements prepared according to International Financial Reporting Standards in Saudi Arabia approved by the Saudi Organization of Certified Public Accountants
Other notes Company used the issued numbers of the period ended 30/09/2016 for the comparative figures after amending them with the effect of implementing the IFRS. Net sales for the current quarter amounted to SR 130 Million compared to SR 126 Million for the same quarter of the last year which represents an increase of 3% due to the increase of selling prices for some products and the increase in quantities sold from some other products . Net sales for the current period amounted to SR 410 Million compared to SR 533 Million for the same period of the last year which represents a decrease of 23% due to the decrease on demand on construction materials .Comperhensive gross income amounted to SR 7.2 Million compared to SR 14.3 Million for the same quarter of the last year which represents a decrease of 50% and compared to an amount of about SR 493 thousands for the last quarter which represents an increase of 1366%. comperhensive income for the current period amounted to SR 15.4 Million compared to SR 70.2 Million for the same period of the last year which represents a decrease of 78%. Owners' Equity amounted to SR 512 Million compared to SR 514 Million for the same period of the last year which represents a decraese of 0.4 % ( There are no minority interests). Company implemented IFRS starting 1st of January 2017. Based on that some items of the financial statements are changed in the way of measuring , recognizing and disclosure for the current period and the comparative period to adapt the new accounting policies in Saudi Arabia approved by the Saudi Organization of Certified Public Accountants. There is a difference in operating income of the same quarter of the last year between the estimated third quarter 2017 announcement and this announcement of about SR 2,000 as some amounts are reclassified

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